While I may have lost Minefinders (MFN) on covered calls, today’s massive gold miners correction allowed me to pull back the Yamana $16 Oct 2011 covered call. I bought back those calls and sold Jan 2012 $17.5 calls, for a net credit of $0.31 per contract. Not bad – pocketed some change while adding another [...]
Just took advantage of this market drop to buy Devon Energy (DVN) at $56.75. Market action feels like stocks could drop further but I’m less concerned about timing than insuring I get these shares selling too cheaply. Hopefully it does drop further so I can average down into a large position. I briefly laid out [...]
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +5.5% through Sep 12, 2011 (my actual IRR, including cash balance) DJIA: -4.5% Nasdaq: -6.0% S&P 500: -7.6% DJ Wilshire 5000: -8.4% Russell 2000 (smallcap): -13.3% Read more comments here.
A few weeks back, I penned an article questioning Chesapeake Energy’s (CHK) management and their ability to deliver value for shareholders, despite amassing a wealth of assets. While these doubts do not preclude me from holding my long position in CHK preferred D shares, I hesitate to add to my position, as CHK already comprises [...]